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business
cost accounting

Questions and Answers of Cost Accounting

(Statement of cash flows) Ramagos System’s controller prepared the follow¬ ing cash flow statements (in thousands of dollars) for the past two years, the current year, and the upcoming year
(Cash flow) Shannon O’Leary, the controller of Rosepetal Co., is disillusioned with the company’s system of evaluating the performance of divisional profit centers and their managers. The present
(id >i Tywanda Enterprises operates a chain of lumber stores. In 2006, cor¬ porate management examined industry-level data and determined the follow¬ ing performance targets for lumber retail
ROl, Ri Elysian Togs sells clothing to specialty retail and department stores. For 2006, the company’s Bradley Division had the following performance targets:a. For 2006, did die Bradley Division
(Adjusting income for ROI purposes; advanced) Imelda Sanchez, manager of the Arias Division of Ponce Chemical, is evaluated based on the division’s return on investment and residual income. Near
advanced) Anderson Industries produces stamping machinery for manufacturers. The company expanded vertically in 2001 by acquiring a supplier, DuCharm Company. To manage the two separate businesses,
Decisions based on ROl. RI) Destin Marine uses ROI to evaluate the perfor¬ mance of its two division managers. The following estimates of relevant measures have been made for the upcoming year:Both
(EVA) As a division manager of Camden Projects Corp., your performance is evaluated primarily on one measure: after-tax divisional segment income less the cost of capital invested in divisional
(Long-run performance) The company president has asked you, as the new controller, to comment on any deficiencies of the firm. After saying you be¬ lieve that the firm needs long-run performance
(Throughput) Miguel Prieto manages the Springfield Division of Wilson Cor¬ poration. Prieto is concerned about the amount of the division’s production. The following production data are available
(Balanced scorecard) You have been elected president of your university’s newly chartered accounting honor society. The society is a chapter of a na¬ tional organization that has the following
(Balanced scorecard) One of the fundamental performance measurements in an organization’s balanced scorecard learning and growth perspective is number of patents obtained. The following information
(Performance evaluation; ethics) In September 2006, Helpful Corporation de¬ cided to launch an expansion plan for some new product lines. To finance this expansion, the firm has decided to issue
(Performance measurement) Research suggests that as people work over a certain number of hours, productivity goes down, stress goes up, and work is not as good. You have taken this observation to
(Performance measurement) Recall the various ways in which your academic performance has been measured and rewarded. Have the ways that your class grades have been determined always provided the best
(Performance measurement; BSC) For each of the following items, indicate two performance measurements that could be obtained from a strategic cost management system. Classify each item into one of
(Providing feedback on performance) Terry Travers is the manufacturing su¬ pervisor of the Aurora Manufacturing Company, which produces a variety of plastic products. Some of these products are
(Balanced scorecard) Lone Star Enterprises manufactures a variety of glass products having both commercial and household applications. One of its newest divisions, BellClear, manufactures fiber optic
(Balanced scorecard) As the cost of health care continues to increase, hospi¬ tal and clinic managers need to be able to evaluate the performance of their organizations. Numerous articles have been
(Compensation) Relative to worker compensation, no topic is more hotly de¬ bated than the minimum wage law. Using concepts from this chapter, pre¬ pare a report in which you explain why increases
Pay plans and goal congruence) In 2006, the lead story in your college newspaper reports the details of the hiring of the current football coach.The previous football coach was fired for failing to
(Compensation: ethics') Chalmette Manufacturing has just initiated a formula bonus plan that rewards plant managers for various achievements. One of the current criteria for bonuses is the
WHAT ARE THE MOST IMPORTANT RELATIONSHIPS IN THE VALUE CHAIN? LO.1
WHY IS MANAGEMENT OF INVENTORY COSTS IMPORTANT TO MOST FIRMS?LO.1
HOW DO PUSH AND PULL SYSTEMS OF PRODUCTION CONTROL WORK?LO.1
WHY DO PRODUCT LIFE CYCLES AFFECT PROFITABILITY?LO.1
WHAT IS TARGET COSTING, AND HOW DOES IT INFLUENCE PRODUCTION COST MANAGEMENT?LO.1
WHAT IS THE JUST-IN-TIME PHILOSOPHY? WHAT MODIFICATIONS DOES JIT REQUIRE IN ACCOUNTING SYSTEMS?LO.1
WHAT ARE FLEXIBLE MANUFACTURING SYSTEMS?LO.1
HOW CAN THE THEORY OF CONSTRAINTS HELP IN DETERMINING PRODUCTION FLOW?LO.1
(APPENDIX) HOW ARE ECONOMIC ORDER QUANTITY, REORDER POINT, AND SAFETY STOCK DETERMINED AND USED?LO.1
The most important value chain relationships for a firm are those• with suppliers in order to get the highest quality inputs, on time, at a competitive price.® with customers in order to deliver
Managing inventory costs is important to the firm be¬ cause inventory• produces no value for the firm until it is sold.• can hide inefficiencies in production activities.• is a significant
Two systems for managing inventory and controlling production are the “push” and “pull” systems:• push systems produce goods to satisfy a pro¬ duction schedule based on economic production
Product life cycles affect profitability because• costs vary across the product life cycles, although most costs are determined in the development stage of the life cycle.• sales volume and
Target costing• is calculated as estimated selling price minus ac¬ ceptable profit margin.• is a tool to manage production costs^ in the development stage of the product life cycle.^ by
Just-in-time (JIT) is a philosophy that states produc¬ tion should not occur until a customer demands the product.• Successful implementation of JIT requires 5^ elimination of non-value-adding
Flexible manufacturing systems• integrate computer systems with automated pro¬ duction equipment.• are often used in plants organized for cellular manufacturing.• minimize the time required to
The theory of constraints is a tool to reduce cycle time by• maximizing the flow of products through pro¬ duction bottlenecks.• overcoming constraints in the flow of goods through a production
What are the three costs associated with inventoiy? Explain each and give examples.LO.1
Differentiate between the push and pull systems of production. Is JIT a push or a pull system?LO.1
How does a product’s life-cycle stage have a bearing on production cost management?LO.1
What is target costing, and how is it useful in assessing a product’s total life- cycle costs?LO.1
Why does the development stage have such a significant influence on the profitability of a product over its life cycle?LO.1
What is kaizen costing, and how does it differ from target costing?LO.1
What are the primary goals of the JIT philosophy, and how does JIT attempt to achieve these goals?LO.1
What kinds of changes need to occur in a production environment to effec¬ tively implement JIT? Why are these changes necessary?LO.1
How would switching from a traditional manufacturing system to a flexible manufacturing system affect a firm’s inventory and production control systems?LO.1
What is meant by the theory of constraints? How is this concept appropriate for manufacturing and service companies?LO.1
CAppendix) How are ordering costs and carrying costs related?LO.1
CAppendix) What is Pareto inventory analysis? Why do A items and C items warrant different inventory control methods? What are some methods that can be employed to control C items?LO.1
(Clost classification) Indicate whether each of the following costs would be considered an ordering cost (O), a carrying cost (C), or a cost of not carry- ing (N) inventoiy. For any costs that do not
(Carrying costs) Determine the carrying costs for an item costing $6.80, given the following per-unit cost information:LO.1 Storage cost $0.12 Handling cost 0.14 Production labor cost 0.85 Insurance
(Target costing) Capricorn Tools has developed a new kitchen utensil. The firm has conducted significant market research and estimated the following pattern for sales of the new product:If the firm
(Target costing) The marketing department at Cellton Production Company has an idea for a new product that is expected to have a life cycle of six years. After conducting market research, the company
Target costing) Buggin Corporation is developing a propane-powered mos¬ quito zapper for campers. Market research has indicated that potential pur¬ chasers would be willing to pay $225 per unit for
(JIT benefits) Choose a fast-food restaurant and prepare a report showing how it could use JIT to improve operations.LO.1
(JIT benefits) Everyone in your company seems excited about the suggestion that the firm implement a JIT system. Being a cautious person, however, your company president has asked you to write a
: Manufacturing cells) Research the topic of manufacturing cells on the Inter¬ net, and write a brief report on company experiences using them.LO.1
(Value engineering) Research the topic of value engineering on the Internet, and write a brief report on a company or an organization’s experiences us¬ ing this technique.LO.1
(JIT variances) Lazlow Company uses a JIT system. The following standards are related to Materials A and B, which are used to make one unit of the company’s final product:Current material standards
(JIT variances) Laura Dawn uses a JIT system in her manufacturing firm, which makes pots for plants. She provides you the following standards for a typical 1 gallon pot:In-house experiments indicated
(Backflush costing) Consider the following data pertaining to March 2006 for a firm that has adopted JIT.Assume that there were no cost or usage variances for March, and the amount of materials used
(Backflush costing) Refined Products uses backflush costing to account for production costs of its clothing line. During August 2006, the firm produced 160,000 garments and sold 159,000. The standard
litciion constraints) Xcaliber manufactures high-end flatware. One of the crucial processes in flatware production is polishing. The company normally operates three polishing machines to maintain
(Production constraints) Office Provisions produces commercial calendars in a two-department operation: Department 1 is labor intensive and Depart¬ ment 2 is automated. The average output of
Appendix; carrying cost) Gidget Gourmet manufactures a variety of animal food products from alfalfa “pellets.” The firm has determined that its EOQ is 40,000 pounds of pellets. Based on the EOQ,
(Appendix: multiprodnet ; A retail cosmetics chain carries three types of skin products: face cream, lotion, and powder. Determine the economic order quantity for each, given the following
Appendix: product demand) Compute annual estimated demand for a prod¬ uct if the economic order quantity is 800 units, carrying cost is $0.35 per unit, and ordering cost is $140.00 per order.LO.1
Appendix: EPR UpTown Mfg. custom makes machine parts used by other companies. The following data relate to production of Part 23:Annual quantity produced in units 1,600 Cost of setting up a
(Appendix: EPR) Danielle Steele has taken a job as production superinten¬ dent in a plant that makes, among other products, jewelry cases. She is try¬ ing to determine how many cases to produce on
(Identification of carrying, ordering costs) Bama Steel management has been evaluating company policies with respect to control of costs of metal tubing, one of the firm’s major component
( Target costing) The Products Development Division of Fast Foods has just completed its work on a new microwave entree. After consumer research was conducted, the marketing group has estimated the
Target costing) Donna Dierks has just been presented the following market and production estimates on Product Ninja-2 that has been under develop¬ ment in her company.Use the concept of target
(Just-in-time features) Indicate by letter which of the three categories apply to the following features of just-in-time systems. Use as many letters as ap¬ propriate.D = desired intermediate result
GIT journal entries. Tanawak Industries recorded the following transactions for its first month of operations.Because Tanawak Industries employs JIT, the company’s CEO has asked how the accounting
(JIT journal entries; advanced) Hanson Products has implemented a just-in- time inventory system for the production of its insulated wire. Inventories of raw material and work in process are so small
(Inventory control) Larson Company manufactures various electronic assem¬ blies that it sells primarily to computer manufacturers. Larson’s reputation has been built on quality, timely delivery,
(Essay) The director of supply management at Karlie Tool & Die has con¬ tracted for $1 million of spare parts that are currently unneeded. His ratio¬ nale for the contract was that the parts were
(Essay) A plant manager and her controller were discussing the plant’s in¬ ventory control policies one day. The controller suggested to the plant man¬ ager that the ordering policies needed to
Essay) William Manufacturing Company began implementing a just-in-time inventory system several months ago. The production and purchasing managers, however, have not seen any dramatic improvements in
(Appendix: EOQ) Frank Chone operates a health food bakery that uses a special type of ground flour in its products. The bakery operates 365 days a year. Chone finds that he seems to order either too
(Appendix: EPR) Funky Flower grows and sells a variety of indoor and out¬ door plants and garden vegetables. One of the more popular vegetables grown by the firm is a red onion. The company sells
HOW DOES BUSINESS PROCESS REENGINEERING CAUSE RADICAL CHANGES IN THE WAY FIRMS EXECUTE PROCESSES? LO.1
WHY ARE COMPETITIVE FORCES DRIVING DECISIONS TO DOWNSIZE AND RESTRUCTURE OPERATIONS? LO.1
IN WHAT WAYS AND WHY ARE OPERATIONS OF MANY FIRMS BECOMING MORE DIVERSE? HOW DOES THE INCREASING DIVERSITY AFFECT THE ROLES OF THE FIRMS' ACCOUNTING SYSTEMS? LO.1
WHY ARE FIRMS ADOPTING ENTERPRISE RESOURCE PLANNING SYSTEMS, AND WHAT ARE THEIR PURPOSES? LO.1
WHAT ARE STRATEGIC ALLIANCES, WHAT FORMS DO THEY TAKE, AND WHY DO FIRMS ENGAGE IN THEM? LO.1
WHAT ARE THE CHARACTERISTICS OF OPEN-BOOK MANAGEMENT, AND WHY DOES ITS ADOPTION REQUIRE CHANGES IN ACCOUNTING METHODS AND PRACTICES? LO.1
WHAT ARE THE THREE GENERIC APPROACHES THAT FIRMS CAN TAKE IN CONTROLLING ENVIRONMENTAL COSTS? LO.1
Business process reengineering causes radical changes in ways firms execute processes by• using fewer employees.• making better use of technology. LO.1
Global competition is forcing films to downsize and restructure operations to• defend core competencies.• remain cost competitive. LO.1
Many organizations are becoming more diverse• as measured by the religion, race, values, work habits, cultures, political ideologies, and educa¬ tion level of employees.• because of
Many firms are adopting enterprise resource planning(ERP) systems• which consist of a number of modules (such as payroll, fixed assets, accounts receivable, and cash management), each of which
Strategic alliances• are agreements involving two or more firms to jointly contribute to the supply chain.• often blur traditional boundaries between supplier/customer.• take many different
Open-book management• increases the transparency of information within an organization, which often requires accountants to change from a mind-set of guarding to shar¬ ing information.• creates
The three generic approaches to controlling envi¬ ronmental costs include• cleaning up pollutants are dealt with after they are produced (end-of-pipe strategy).• improving processes to reduce
What is business process reengineering? Does it lead to radical or modest changes in business practices? Discuss. LO.1
Business process reengineering and downsizing often occur together. Why? LO.1
Describe “downsizing,” its causes, and its primary risks. LO.1

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